One hundred Egyptian businessmen will go to a Tehran trade fair in October that will feature Egyptian products from all sectors of production.
There will also be a conference where the business leaders will have the chance to meet and network with their Iranian counterparts.
The conference, in tandem with the trade fair between October 1 and October 10, will attempt to "discuss ways and mechanisms to encourage trade between the two countries, and boost foreign investment in both Egypt and Iran," the president of the company responsible for organizing the fair, Morsi Al- Adham, told the financial daily Al Alam Al Youm.
The Egyptian delegation will be led by prominent representatives of Egypt's private sector, including Mohammed Farid Khamis, chairman of Oriental Weavers Group, and Khaled Abu Ismail, president of the Egyptian Chambers of Commerce, said Al Alam Al Youm of 10 September.
A total of 45 Egyptian companies have pledged to participate in the fair, which Al-Adham calls "the first of its kind for about twenty years." Many companies representing a diverse range of industries, from chemicals and pharmaceuticals to ceramics and textiles, will attend the fair, which will be opened by Iran's President Mohammed Khatami.
This comes shortly after the Egyptian government rejected a bid by the Iranian government-owned Foreign Investment Company for a majority stake in Misr Iran Development Bank (MIDB).
According to Al Alam Al Youm of August 9, the Iranian offer of $120 a share was less than expected, as Egypt's Central Auditing authority values the shares at $170 - $270 each.
The Foreign Investment Company already enjoys ownership of 20% of MIDB, the other 80% being owned by two Egyptian state companies, who plan to eventually sell off to the private sector - but for more than what the Iranians were offering.
According to one Cairo analyst, a Bahrain-based consortium consisting of two private companies, Ahdaf Enterprises and the Iranian Foreign Investment Corp., have expressed interest in acquiring the bank.
The Iranian interest in the Egyptian market has been reflected recently by a surge in Iranian investment in Egypt, which now exceeds LE 500 million ($1.75 billion). –(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com )